Fuqua Loan Assistance Program

Transcription

1 Fuqua Loan Assistance Program

2 Contents Fuqua Loan Assistance Program (LAP) History & General Overview Eligibility Assistance Parameters Program Timelines How to Apply Next Steps 2

3 Fuqua Loan Assistance Program Fuqua Loan Assistance Program (LAP) provides financial assistance, in the form of annual loan forgiveness awards, to qualified Duke MBA-Daytime Program alumni who work full-time for eligible nonprofit and government organizations. Established through the generosity and vision of The Duke MBA-Daytime Class of Originally known as the Fuqua Loan Forgiveness Fund and managed by Fuqua s Center for the Advancement of Social Entrepreneurship (CASE). Managed by Fuqua's Financial Aid Office. 3

4 Fuqua Loan Assistance Program Program Goal: To reduce the financial barriers for Fuqua Daytime Alumni wishing to pursue careers of consequence in the social sector, adapting business expertise to create social impact. "My Fuqua MBA and the Loan Assistance Program is the perfect coupling of tools I need to succeed in a job that I love, while making a marked difference in the community. ~Fuqua MBA,

5 Example LAP Employers Since 2002, 74 alumni have participated in the LAP Alumni working at a wide range of organizations participate in Fuqua s LAP. Including: American Cancer Society Ashoka: Innovators for the Public City Year Common Good Ventures DC Public Education Fund FSG Social Impact Advisors Hitachi Foundation IPAS KIBO Technology Fund Latino Community Credit Union Mayo Clinic National Parks Conservation New Leaders for New Schools PBS, Public Broadcasting Service Rockefeller Foundation Root Cause RTI International Self-Help Teach For America Texas - Office of the Governor The Bridgespan Group The Conservation Fund 5

6 Eligibility INDIVIDUAL Eligibility Fuqua Daytime MBA Alumni Demonstrated participation in social impact activities while at Fuqua (via essay on application) Employed full-time, directly by a qualifying organization: Nonprofit [501(c)(3) or international equivalent] Governmental No income maximum, though can phase out of program based on income 6

7 Eligibility PROGRAM Eligibility Must opt-in to LAP program with eligible employment within 3 years of graduation. For example, if you graduate in May 2015, you may apply for one of the application periods that are within 3 years of graduation: 1) October 2015, 2) October 2016, 3) October 2017 Eligible for assistance for up to 8 years after graduation (Class of 2013 or prior grandfathered for 10 years postgraduate eligibility) Eligible for up to $8,000 assistance annually (Class of 2013 or prior grandfathered for up to $10,000 annual assistance) 7

8 Eligibility PROGRAM Eligibility Eligibility begins in first full year of student loan payments. Dual degree student loans will be allocated according to tuition and scholarships directly attributable to the Fuqua School. 8

9 Eligibility LOAN Eligibility Supports loans from Daytime MBA degree only Both Federal and private loans Does not support loans from friends or family Must be 10-year payback period or longer 9

10 Assistance Parameters INCOME Parameters Assistance calculated based on participant s annual adjusted household income and minimum loan payments Annual adjusted household income includes: Individual salary, including bonuses Income credit of $5,000 for each dependent child Income credit of $9,000 for spouse Spouse salary and graduate education debt Any other income as reported on tax forms Non-cash items (ex. Depreciation on Rental Property) 10

11 Assistance Parameters LOAN Payment Parameters Supports minimum loan payments only Participant expected to make contributions to loan payments based on income thresholds: Household income less than $75,000 - no required contribution Household income between $75,000 and $90,000 must contribute 20% of household income above $75,000 Household income above $90,000 must contribute $3,000 plus 35% of household income above $90,000. continued>> 11

12 Assistance Parameters LOAN Payment Parameters, continued The remaining balance of annual minimum loan payments is then eligible for assistance, up to designated annual maximums. Annual LAP award percentage calculation is based on overall program demand and fund availability Assistance is disbursed as check to participant annually, to support the coming year s loan payments LAP disbursement is audited annually with renewal application review and adjusted (if needed) 12

13 LAP Timeline APPLY: Annual application deadline is October 31, 2015 Financial Aid reviews application and disburses a check to you to assist with your loan payments for the subsequent year RENEW: Every year while eligible. Renewal submissions due each October 31 Note: you cannot receive loan assistance when your loans are in grace, forbearance, or deferral. 13

14 Applying to LAP LAP application submission includes LAP Applicant Form (available online via Financial Aid website) Essay describing Fuqua social impact involvement (first time only) Employer tax status verification (first time only) Employer/Salary verification (offer letter or pay stub) Loan verification documents for EACH loan confirming: o Minimum payments due o Loan type, date of first payment o Interest rate, total loan amount, payback term o Generally all found on payment schedule and loan summary Loan payment history (not needed first time if no payments yet) Spouse salary and loan verification documents Prior year tax return 14

15 Next Steps for you: Whenever you determine that you will be applying to the LAP, send notification to so we will know to expect your application later Complete your online LAP Application on or before October 31, 2015 deadline Note: Do NOT send in your application materials until you have verification of your minimum payment amounts from your lenders 15